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Current hostility to Libra, the Facebook encryption currency, seems to be stifling Bitcoin's popularity. The price of Bitcoin fell as much as 8.7 percent from around $8000 to around $7500 on Wednesday, falling as much as $500 in two hours, the lowest level in five months, according to market data.

The $200m bulls on the BitMEX exchange were liquidated as a result of a sudden drop in Bitcoin prices. According to Twitter analyst taiwandan, BitMEX's Bitcoin clearing could begin with a huge payment on the Bitstamp exchange of 3600 BTC. Taiwandan said, "bids from $7800 to $6200 disappeared in less than 15 minutes." Data from TradingView also show that Bitstamp prices fell sharply before other major exchanges fell sharply.

With Facebook Chief Executive Mark Zuckerberg testifying before the House Financial Services Committee on Wednesday, other digital currencies, such as the etheric currency and the Leyte currency, fell 9.5 percent and 12 percent, respectively.

"the main reason is that Facebook's Libra is under a lot of pressure from Washington," said Matt Maley, equity strategist at Miller Tabak Co.

Another piece of news may also add to investors' concerns. The message says, Alphabet Inc. Google has built a computer that has achieved "quantum hegemony," and the fastest supercomputers will take about 10,000 years to complete their calculations in 200 seconds. Sceptics of encrypted currencies point out that advances in computing may make the slower workload of Bitcoin and other tokens out of date.

Traders pointed to a series of potential catalysts for a sudden collapse in encrypted currency prices around 8:30 New York time. Among the reasons cited are futures liquidity on exchanges such as BitMex, stable currency Tether trading below parity, and a general lack of liquidity in encrypted currencies.

The fact that significant kinetic energy is lost so quickly tells people that Bitcoin will take longer than they hope to become a widely accepted currency, Maley said.

It is worth mentioning that since bitcoin has fallen from $9500 on September 24 to $8,000 to $8500, this month's price has dropped eight times to $7,800, and from a technical point of view, the short-term trend in bitcoin has tended to be empty, The long-standing prejudice is also increasing.